Features of Pradhan Mantri Jeevan Jyoti Bima Yojna
Who can take this plan, can take it and its benefits. Also, all the details of this scheme in detail. It is an India government-backed life insurance plan that LIC and many other insurance companies run. There are many types of life insurance. This plan is a term life plan.
Prime Minister Jeevan Jyoti Insurance Scheme PMJJBY is a one-year life insurance plan that provides coverage for death and it is renewable year after year. Cover under PMJJBY is for death only, hence the benefit will be given to nominee only ie nominee. PMJJBY is a pure term insurance policy in which there is no investment component and only premium for death cover is taken. This means that whatever premium you deposit in this scheme goes completely into the cover of insurance and no part of it is invested. That is why the insurance holder does not get any benefit at the end of the policy term. On the death of the insured during the policy term, the nominee receives the sum insured.
Who can take PMJJBY
PMJJBY people from 18 to 50 years old can get life and life insurance is available in the scheme till the age of 55 years. This scheme is available to those with savings bank accounts who agree to debit the account from the premium to join the account to join automatically. The cover for this scheme is for one year and it has to be renewed every year.
How can avail Pradhan Mantri Jeevan Jyoti Bhima Yojana
Life cover of Rs 2 lakh is available per member per year at 330 rupees per year and it has to be renewed every year. All those Savings Bank account holders can join this scheme who meet the eligibility criteria of this scheme and pay premium of 330 rupees per year per person.
PMJJBY is administered through LIC and other Indian private life insurance companies. Anyone can contact their bank because the process of enrollment is associated with banks and insurance companies. The nomination process has been kept simple and easy. Generally, only one form has to be filled for this. You can also take it online.
Risk cover under PMJJBY is applicable only after 45 days of enrollment. In other words, the risk cover will start only after insurance companies have passed 45 days from the date of enrollment. However, deaths due to accidents will be exempted from this rule.
In Pradhan Mantri Jyoti Jyoti Bima Yojana, we have tried to explain this scheme in a simple language in detail.